Gulf Oil and Gas accountACCOUNT

Provision of Topside Maintenance Execution Services for Floating Production System

Source: www.gulfoilandgas.com 3/11/2015, Location: Asia

The Board of Directors of Petra Energy Bhd (PENERGY) is pleased to announce that Sabah Shell Petroleum Company Ltd (SSPCL) has awarded Petra Resources Sdn Bhd (PRSB), a wholly-owned subsidiary of the Company, for the Provision of Topside Maintenance Execution Services For Gumusut-Kakap Floating Production System (Contract) via its Letter of Award dated 18 November 2014.

Value and Duration of the Contract:
There is no firm contract value stated in the Letter of Award as the Contract is on a ‘call-out’ basis whereby work orders will be issued at the discretion of the client (ie. SSPCL) based on a standard schedule of rates during the enforcement of the Contract. The duration of the Contract is for 14 months effective from 1 April 2015 and shall expire 31 May 2016.

Risk Factors:
The risk associated with the Contract are mainly the normal operational and financial risks encountered by PENERGY. The Company has considered the contractual performance and financial risks and after due analysis, the Company is of the view that the likelihood and impact of these risks are considered manageable and within acceptable level.

Financial Effects:
The Contract will not have any effect on the issued and paid-up share capital of the Company and it is expected to contribute positively to the future earnings of the Company for the financial year 2015.

Directors’ and Major Shareholders’ Interest:
None of the Directors and/or major shareholders of the Company or person/s connected with them have any interest, direct or indirect, in the said Contract.

Directors’ Statement:
The Board of Directors of PENERGY is of the opinion that the acceptance of the Contract is in the best interest of the Company.
The content of the above is approved by SSPCL on 11 March 2015.
This announcement is dated 11 March 2015.

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Related Categories: Consultancy  Engineering  FEED  General  Maintenance and Repair  Process Technology Licensing  Production Engineering  Project & Resource Management 

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